The Central Bank of Nigeria (CBN)’s new guidelines on agent banking may force about 40 per cent of Point-of-Sale (PoS) operators out of business, according to stakeholders in the sector.
The National President of the Association of Mobile Money and Bank Agents of Nigeria (AMMBAN), Mr. Fasasi Sharafadeen, said the policy could cripple small businesses and derail the nation’s financial inclusion targets.
The revised framework, released by the apex bank, caps daily cumulative transactions per PoS agent at ₦1.2 million and mandates that all operations be carried out through dedicated accounts or wallets provided by the principal financial institution.
Under the new rules, agents using non-designated accounts risk sanctions, while those involved in fraud or misconduct could be blacklisted or have their licenses revoked.
The CBN also limited individual customer transactions to ₦100,000 daily and directed that all PoS devices be geo-fenced to prevent unauthorized mobility. Implementation of the new location and exclusivity rules is scheduled to begin on April 1, 2026.
Sharafadeen expressed concern about the exclusivity clause, which restricts agents to operate under a single principal or service provider.
He warned that the move would drastically reduce income and flexibility for operators.
“About 40 per cent of PoS operators will be out of business,” he said.
“There are over three million PoS terminals nationwide, with about two million active agents.
Many use multiple platforms to stay efficient and serve customers when one network fails.
”He noted that many agents rely on more than one provider to ensure seamless transactions, adding that the CBN’s push for exclusivity overlooks the realities of the informal sector, where reliability and customer trust depend on operational flexibility.